Vaccine manufacturers under pressure: energy stocks give US stock exchanges a boost

Vaccine makers under pressure
Energy stocks give US stock exchanges a boost

After last week’s heavy losses, Wall Street is recovering slightly. The economic, corona and inflation worries that had caused the weakest week in around three months remain, however.

Price gains in energy stocks gave the US stock exchanges a friendly start to the week. Of the Dow Jones gained 0.8 percent to 34,869.63 points. The technology-heavy one Nasdaq yielded 0.1 percent to 15,105.58 points and the broad one S&P 500 gained 0.2 percent to 4,468.73 points.

Above all, oil stocks were in demand: the US government had given oil stocks from its reserves to eight companies, including Chevron and ExxonMobil. However, concerns about the further economic development of the USA prevented larger profits. In particular, the upcoming inflation data caused headaches for investors. They hope that this will provide information on the further monetary policy course of the US Federal Reserve.

Moderna Inc. 355.90

In addition, there are plans by the administration of US President Joe Biden to increase corporate taxes and a $ 3.5 trillion aid package from the Democrats. “At the current valuation, the stock market buffer is not big enough to cushion headwinds from multiple directions, such as possible tax hikes, lower corporate profits and the upcoming tightening of monetary policy,” said Richard Saperstein, chief investor at Treasury Partners.

The analysts of the US investment bank Goldman Sachs believe that a rise in corporate taxes to 25 percent and higher taxation of foreign income could curb the profits of the 500 most important companies by five percent in the coming year. In addition, there is the corona pandemic, which has not yet been overcome. Market participants expect the stock market to face a major correction by the end of the year, after having made strong price gains in recent months.

The shares of Virgin Galactic fell by 3.6 percent. The space company has postponed its next space flight due to a possible defect. The titles of the accommodation agent Airbnb down 2.9 percent – after a sell recommendation by Goldman Sachs

The individual stocks were the papers of the biotech company Regenxbio in focus. The company has a partnership with the pharmaceutical company AbbVie completed to develop a drug for the chronic eye disease AMD. The Regenxbio papers shot up by up to 31 percent. On the other hand, things went downwards for the papers of the corona vaccine developers Pfizer and ModernaAfter scientists did not consider booster vaccinations necessary: ​​There is currently no evidence that boosters should be recommended for the general population, according to a study in which, among other things, the chief scientist of the World Health Organization, Soumya Swaminathan, was involved. The papers yielded up to 6.6 percent. In Frankfurt it was Dax 0.6 percent firmer at 15,701 points.

.